Glencore bid would see John Bond head firm: report

Glencore International PLC (GLNCY, 0805.HK, GLEN.LN), in an effort to salvage a merger agreement with Xstrata PLC (XTA.LN), would keep Xstrata Chairman John Bond at the head of the combined companies, The Financial Times reports Sunday.

Citing "documents that went to Xstrata's board on Sunday evening," the FT said the new proposal calls for Glencore to retain the balanced board structure proposed in February, with Mr. Bond as chairman and an equal number of nonexecutive directors drawn from each company's boards.

Also, according to the FT, the chief executive officer of Xstrata, Mick Davis, would stay on in his role at the newly merged company for half a year, before giving the reins to Ivan Glasenberg, the CEO of Glencore.

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